Apr 14, 2011

Buana Tama sets IPO at Rp105-Rp175

Energy shipping company PT Buana Listya Tama Tbk today has set the IPO price range at Rp105-Rp175 per share, enabling the company to secure Rp762.3 billion-Rp1.27 trillion proceed. Buana Tama is keen to offer 7.26 billion shares to public investor, reflecting 39.76% of the enlarged capital.
Buana Tama, a subsidiary of Indonesia's giant shipping company PT Berlian Laju Tanker Tbk (BLTA), is planning to list shares at Indonesia Stock Exchange on May 19. The company will list up to 18.26 billion shares. Book building is scheduled on April 14-April 29. 
The company is planning to use 52.1% of the IPO proceeds to develop business, 9.2% forcapital, and the remaining 38.7% for repaying debts. 
PT Danatama Makmur is mandated as underwriter for the IPO and PT JP Morgan Securities indonesia acts as co-underwriter.
Buana Listya also offers 3.6 billion warrants as sweetener for investors with ratio of 60 warrants for 121 common shares. Both shares and warrants have the nominal prices of Rp100. The warrants will be exercised at 10% premium of the IPO price.
The company manages a total debt of Rp1.26 trillion as of December 2010, of which debt to special connected parties amounted Rp677.1 billion and long term debt from financial institutions totaled Rp373.24 billion. Net profit recorded Rp6.6 billion last year on total revenue of Rp566 billion. In 2009, it booked net loss of Rp214.24 billion and revenue of Rp247.69 billion. Total assets reached Rp2.84 trillion at end of last year.

Disclosure: No position at the stock mentioned above.
 
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